Trouble-plagued Deutsche Bank on Sunday ousted its British chief executive officer John Cryan, replacing him with one of his deputies in a bid to get Germany's biggest lender back on track after years in crisis.
Marcus Schenck, now Sewing's fellow co-deputy CEO who also helps oversee the investment bank, is close to leaving the bank, said the person familiar with the matter. Since joining the bank in 1989, he has worked for the firm in Frankfurt, Hamburg, London, Singapore, Toyko and Toronto in various capacities, most recently looking after its private and commercial bank division with Postbank chief executive Frank Strauß.
So, yup, problems are being solved all around and morale remains high over at Deutsche Bank. "Why was it necessary to appoint a new CEO at this point (Cryan's appointment was scheduled to end in 2020)?" Given his background, there is an expectation that Sewing will choose to focus on the German domestic market instead of expanding the company's investment banking operations. Without any response from Deutsche Bank, the Briton was essentially hung out to dry amid news of the search for a successor.
A round of leadership staffing decisions are expected to be made for the German bank in a supervisory board conference call on Sunday. Since then, Deutsche Bank posted losses each year, including about $900 million in 2017.
Achletiner added that Marcus Schnenk, who is now co-deputy chief executive, would also be leaving the firm after this year's AGM, having informed the supervisory board of his decision before Easter. Sewing will head the third leadership team since Ackermann's 2012 departure. "The job of the supervisory board is to monitor whether the strategy is being implemented, to advise and, if necessary, to draw consequences for personnel".
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Deutsche's shares are so broadly dispersed that a coordinated revolt against Achleitner at the May 24 meeting is unlikely, though the bank's largest investors are dissatisfied with his performance, according to people familiar with their thinking. Sewing comes from within the ranks of Deutsche, making his way from risk management and investment banking to the executive board in 2015.
Davide Serra, CEO of Algebris Investments, says that Deutsche Bank lacks the scale to compete with the likes of JPMorgan and Goldman Sachs.
All parties concerned are hoping for some sort of recovery plan to finally come to fruition, led by Mr. Sewing.
Hans-Christoph Hirt, director of the Hermes Group which represents influential shareholders of Deutsche Bank, pointed out that the appointment of Sewing was already the "sixth change of CEO" during Achleitner's six-year term as board chairman.